Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Nia Impact Advisors LLC

Nia Impact Advisors LLC reduced its position in Fortinet, Inc. (NASDAQ:FTNT) by 4.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 78,596 shares of the software maker’s stock after selling 3,268 shares during the quarter. Fortinet makes up approximately 1.7% of Nia Impact Advisors LLC’s portfolio, making the stock its 21st biggest position. Nia Impact Advisors LLC’s holdings in Fortinet were worth $4,737,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of FTNT. Dimensional Fund Advisors LP grew its position in shares of Fortinet by 11.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,628,691 shares of the software maker’s stock worth $153,875,000 after buying an additional 267,759 shares in the last quarter. Quadrant Capital Group LLC grew its position in shares of Fortinet by 2.1% during the fourth quarter. Quadrant Capital Group LLC now owns 9,804 shares of the software maker’s stock worth $574,000 after buying an additional 202 shares in the last quarter. American National Bank grew its position in shares of Fortinet by 443.6% during the fourth quarter. American National Bank now owns 598 shares of the software maker’s stock worth $35,000 after buying an additional 488 shares in the last quarter. Financial Advocates Investment Management acquired a new position in shares of Fortinet during the fourth quarter worth about $261,000. Finally, Brown Advisory Inc. grew its position in shares of Fortinet by 1.6% during the fourth quarter. Brown Advisory Inc. now owns 127,919 shares of the software maker’s stock worth $7,487,000 after buying an additional 1,964 shares in the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Price Performance

Fortinet stock opened at $75.01 on Friday. Fortinet, Inc. has a 12 month low of $44.12 and a 12 month high of $78.08. The company has a debt-to-equity ratio of 3.45, a current ratio of 1.32 and a quick ratio of 1.22. The business has a 50 day simple moving average of $67.27 and a 200-day simple moving average of $65.01. The stock has a market capitalization of $57.30 billion, a PE ratio of 49.03, a price-to-earnings-growth ratio of 2.77 and a beta of 1.00.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, topping the consensus estimate of $0.41 by $0.16. The business had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.40 billion. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. The company’s quarterly revenue was up 10.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.31 earnings per share. Equities analysts predict that Fortinet, Inc. will post 1.7 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on FTNT shares. Piper Sandler raised Fortinet from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, August 7th. Cantor Fitzgerald upped their price target on Fortinet from $55.00 to $65.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Scotiabank upped their price target on Fortinet from $61.00 to $75.00 and gave the company a “sector outperform” rating in a report on Wednesday, August 7th. Wells Fargo & Company upped their price target on Fortinet from $62.00 to $64.00 and gave the company an “equal weight” rating in a report on Wednesday, August 7th. Finally, Citigroup upped their price target on Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a report on Friday. Twenty-three equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $71.57.

Insiders Place Their Bets

In other Fortinet news, VP Michael Xie sold 24,712 shares of the stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $56.11, for a total value of $1,386,590.32. Following the completion of the transaction, the vice president now owns 10,847,018 shares in the company, valued at $608,626,179.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Fortinet news, CEO Ken Xie sold 24,267 shares of the stock in a transaction on Monday, July 15th. The stock was sold at an average price of $60.01, for a total value of $1,456,262.67. Following the completion of the transaction, the chief executive officer now owns 48,777,294 shares in the company, valued at $2,927,125,412.94. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Michael Xie sold 24,712 shares of the stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $56.11, for a total value of $1,386,590.32. Following the completion of the transaction, the vice president now owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. The disclosure for this sale can be found here. Over the last quarter, insiders sold 72,672 shares of company stock worth $4,573,864. 18.00% of the stock is owned by corporate insiders.

Fortinet Company Profile

Fortinet, Inc provides cybersecurity and convergence of networking and security solutions worldwide. It offers secure networking solutions focus on the convergence of networking and security; network firewall solutions that consist of FortiGate data centers, hyperscale, and distributed firewalls, as well as encrypted applications; wireless LAN solutions; and secure connectivity solutions, including FortiSwitch secure ethernet switches, FortiAP wireless local area network access points, FortiExtender 5G connectivity gateways, and other products.